Thursday, April 08, 2010
The White House is taking steps to help small businesses secure loans, but while they wait, those businesses are finding creative ways to stay afloat. The White House recently launched a $21 million program this week to help banks make loans to small businesses. This comes more than a year after President Obama proposed to allocate $15 billion (with a 'b') from the federal bailout specifically for this purpose. Getting even this relatively small amount of money out the door proved a struggle for the White House, as the administration tries to pass more legislation to help small businesses.
Tuesday, January 19, 2010
- MONEY TAKEOUT: A handful of Wall Street banks announce their earnings this week, and profits are expected to be sharply up. New York Times finance reporter Louise Story takes a look at compensation and calls for additional taxes on executive pay.
- SPORTS TAKEOUT: Takeaway Sports Contributor Ibrahim Abdul-Matin looks at how sports players with family in Haiti are reacting to the disaster.
- RESPONSES TAKEOUT: We hear what our listeners are saying about the Haiti earthquake - on everything from sending money to help out to how to talk to kids about it.
Tuesday, January 12, 2010
Yesterday we heard some strong arguments against the very structure of bank bonuses from economics professor Dan Ariely. Today we hear from someone who represents the financial services industry to explain why bonuses are used.
Monday, January 11, 2010
Main Street may be fed up with Wall Street's apparent gluttony, but banks are once again awarding huge bonuses. The nation's biggest banks, including Goldman Sachs and Citigroup, are expected to pay some employees year-end bonuses reaching into eight-digit sums. These staggering amounts may irritate the American public, which is still feeling the effects of the recession... but does the public's ire matter? We speak with Eric Dash, who reported on this for The New York Times, and Dan Ariely, professor of behavioral economics at Duke University and author of “Predictably Irrational: The Hidden Forces That Shape Our Decisions.”
Tuesday, December 22, 2009
One week after meeting with the heads of major banks, President Obama is scheduled to meet with the leaders of small and community banks today. He is likely to make the same request to them as he did the big banks: 'Please lend more.' With major banks taking up most of the headlines all year long, we wanted to take a look at how community banks are doing, and the answer may surprise you. Mike Menzies is the president and CEO of a small community bank, Easton Bank and Trust in Easton, M.D. – he says his bank will finish the year with a profit, but fears the next couple of years will be rough. David Gillen is finance editor for The New York Times, and says that community banks have actually done well despite the constant reports of bank closings.
Tuesday, December 15, 2009
In our weeklong series on our Life in Fine Print, we're taking a look at charges and fees. Congress has regulated certain banking fees, but there are still charges out there that can sneak up on you in ways you didn't imagine. Louise Story, finance reporter with the New York Times, talks about some of the big ones: overdraft charges, ATM charges, and checking account fees. And Glinda Bridgforth, author of the "Girl" series of personal finance books, including "Girl, Get Your Credit Straight!," tells us what we can do to minimize or avoid these charges.
Monday, December 14, 2009
The economy received some positive news on Sunday from President Obama's top economic adviser, Larry Summers, who said that the recession is over on 'This Week with George Stephanopoulos.' But even if you agree with Summers, it's still hard for many to forgive and forget the role Wall Street played in creating the current economic mess. Even President Obama recently said, "I did not run for office to be helping out a bunch of ... fat cat bankers on Wall Street." On the heels of those harsh words, Obama will be hosting the heads of those same banks at the White House Monday. Peter Morici, an economist and business professor at the University of Maryland, says this is just another publicity stunt. We're also joined by Eric Dash, a banking reporter for The New York Times, who has also been covering this story.
Monday, December 14, 2009
We've uncovered our crystal ball and are peeking into the week ahead with our Washington correspondent, Todd Zwillich, and Jonathan Marcus, BBC diplomatic correspondent. They'll discuss what's next for health care reform in the Senate as Sen. Joe Lieberman (I-Conn.) throws a wrench into the works ... again; President Obama's meeting with some of the heads of the largest American banks; the continuing climate talks in Copenhagen; and continuing nuclear troubles with Iran. All that and Italian Prime Minister Silvio Berlusconi getting socked in the face with a statuette.
Monday, December 14, 2009
- Sports Takeout: Now that Tiger Woods has announced his "indefinite" break from golf to tend to his deteriorating family troubles, we ask, what will golf be without Tiger? Our sports contributor, Ibrahim Abdul-Matin, talks us through what the fairway phenom has done for his sport.
- Money Takeout: Mortgage rates are at historic lows, but relatively few homeowners are refinancing. It's not because homeowners don't want to borrow: Louise Story of The New York Times tells us why banks are turning away potential lenders.
- Listener Takeout: Takeaway listeners had a few things to say about corporate 'greenwashing' after the first week of the Copenhagen Climate Summit, as well as the lack of South African actors in 'Invictus.'
Thursday, December 03, 2009
- Auto Takeout: We check in with Paul Eisenstein of The Detroit Bureau, who's out at the LA Auto Show. He's got the latest news on GM's new products (small is, apparently, once again becoming beautiful) and their hunt for a new CEO after the surprise ousting of Fritz Henderson.
- Business Takeout: Bank of America has permission to pay back the $45 billion it received in federal bailout money. Louise Story of The New York Times says BofA and the government have their own reasons for wanting to move past the bailout.
- Sports Takeout: Ibrahim Abdul-Matin says all eyes will be on college football this weekend when powerhouses Florida and Alabama go head-to-head for the SEC championship.
Monday, November 23, 2009
- Money Takeout: A new Harvard study proves what most of us could have guessed: the executives of Lehman Brothers and Bear Stearns are still rich, even though they lost $900 million in stocks with the two bankruptcies. Louise Story, of The New York Times, explains.
- Sports Takeout: Our own Ibrahim Abdul-Matin talks NASCAR's record-making Jimmie Johnson, and responds to a listener's comment on football helmets.
- Listener Takeout: We hear more reactions to Oprah's announcement that she'll end her show in 2011.
Tuesday, November 10, 2009
- Congress Takeout: Todd Zwillich gives us the latest on the continuing wrangling over abortion funding prohibitions in the health care bill passed by the House of Representatives this weekend.
- Money Takeout: Daniel Gross, senior editor at Newsweek magazine, helps us parse yesterday's Federal Reserve announcement that all but one of the largest U.S. banks has enough capital to weather a continued recession.
- Listener Takeout: We hear more views on whether or not the media should be focusing so much on the religion of the Fort Hood shooter.
Monday, October 26, 2009
Last week, we looked at how some banks were canceling consumer credit cards without warning and how consumers could avoid it by using their cards more. That discussion sparked a debate about whether people can get by without credit cards at all. We speak to two people who are doing just that: Joel Westendorf of Los Angeles; and Andrea Hermitt of Atlanta. Takeaway contributor Beth Kobliner lays out some of the logistical benefits and drawbacks of life without plastic.
"There's a myth that you have to have a credit card to have a credit history, and that's not the case. If you're paying off a car loan regularly, or a student loan regularly, or a mortgage loan regularly, that is also building your credit history."
—Beth Kobliner, on the myth that credit cards are required to establish a credit score
Monday, October 26, 2009
Marcus Mabry, international business editor for The New York Times, takes a look at the week ahead in the health care reform debate, handicaps the chances that the public option will make it through the Senate, and looks at the future of banks "too big to fail." We also talk with Charles Haviland, BBC correspondent in Kabul, to hear about a NATO helicopter collision in Afghanistan and how the latest suicide bombings in Iraq might affect U.S. troop withdrawal plans.
Thursday, October 15, 2009
Yesterday the Dow Jones Industrial Average closed above the symbolic threshold of 10,000. New York Times finance reporter Louise Story says the news is interesting, but it doesn't say much about the overall health of the economy. Something that might: the banking sector. Also joining the conversation is New York Times economics correponsdent Edmund Andrews with a look at how the U.S. Treasury wants some bailed-out banks to start paying back their loans.
Tuesday, September 29, 2009
When the Federal Deposit Insurance Corporation (FDIC) meets later today, it will have to address a key question raised by the tide of bank failures: Will the the government agency run out of money? And what can they do about it? We speak with Louise Story, finance reporter for The New York Times.